Same shares with different broker

Discussion in 'Shares & Funds' started by Hodor, 12th Mar, 2020.

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  1. Hodor

    Hodor Well-Known Member

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    Is there any issue with holding the same shares with different brokers?

    I'm thinking of opening an account with NAB and would want to buy some things in my other account. I know I can switch it all together for a small cost.

    However Is there anything I should be aware of if I keep both for awhile?

    Thanks
     
  2. PandS

    PandS Well-Known Member

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    You end up with 2xHIN number holding separate parcel of shares in each HIN
    you cant join them unless you move one parcel to the other broker
     
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  3. Hodor

    Hodor Well-Known Member

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    Thanks, was hoping that was all and not something I'm unaware of.
     
  4. PandS

    PandS Well-Known Member

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    No issue apart from can be confusing having multiple HIN under the same name, which parcel belong to which HIN etc ...
     
  5. milobear

    milobear Well-Known Member

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    I've got a Commsec account and looking at opening a SelfWealth account. Is there any issues in having two HINs? or should I use the same HIN.
     
  6. Fargo

    Fargo Well-Known Member

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    Yes, you can get twice the benefit from not letting a good wealth creating crisis go to waste, you can get a bite at SPP's for each HIN . For example on Friday I applied for 2 lots of 2,600 KGN currently at 40% discount ($4.30) Tommorrow I will know how many I get, potential 22k gain for a 5 day investment, reality is could be 70% scale back but even if it is only 7k doesnt matter as long as you are making money and with a few SPP's and compounding it can be significant.
     
  7. qak

    qak Well-Known Member

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    I can remember heaps of people having multiple bites of the TLS(TLSCA?) cherry with different variations of their names used to buy shares.

    Oh, wait ...
     
  8. milobear

    milobear Well-Known Member

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    How do you get access to these SPP? do you need to be share holders already?
     
  9. Fargo

    Fargo Well-Known Member

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    It can also be easier when taking profit by simplifying profit taking and more importantly it can be done quickly. If you buy in different tranches you can sell the tranches which will minimize or eliminate tax, without having to search and nominate which tranche if held with different HIN. and will allow profits to continue to compound instead of going to the taxman.
     
    Last edited: 7th Jul, 2020